Choose a Business Structure:
Deciding on the structure of your business is not a decision to be taken lightly. Whether you choose the popular LLC, a sole proprietorship or form a corporation; your choice will have an impact on your business liability, fund-ability as well as taxes due. Don’t fret over your ultimate business structure, because as your business evolves, so too, may your structure.
Get Your Business License and Permits:
Starting a small business requires the mundane, yet necessary, paperwork and regulations. Depending on your chosen business structure, may need to register your business with the state authorities. Setting up your small business may require an employer identification number(EIN) which is also used by state taxing authorities to identify businesses. Additional paperwork can entail sales tax licenses, zoning permits and more.
Set Up & Determine Your Business Location:
One of the multitude of tasks in starting a business is the setting up of your office. There are many steps in office set up including where to locate your office (home or office space), buying the necessary office equipment, designing your work space and getting supplies…
Get Business Insurance:
As a new small business owner, you have the responsibility to manage the risks associated with your business. Don’t put your new start-up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation.
Create an Accounting System:
Unless you’re a number person, the accounting and bookkeeping aspect of running your business can’t be avoided. Setting up your accounting will help you understand the financials of running a business and help you advert failure.